On June 12, Dongyue Group rose 6.37% in regular trading, trading at HK$17.24/share, with turnover of HK$254 million. The stock staged a sharp rebound following several sessions of profit-taking that had seen declines of over 5% on June 5 and June 8.

The recovery comes amid continued strength in fluorochemical industry fundamentals. Dongyue holds a 10.80% share of Chinas HFC production quota under the nations strict allocation system, which prohibits new entrants and allows transfers only among existing producers. The top six players control over 90% of total capacity, forming a tight oligopoly. On the demand side, domestic air conditioning output of 220 million units annually requires approximately 176,000 tonnes of refrigerant, while new energy vehicles drive incremental demand of over 12,000 tonnes per year. R32 refrigerant prices have surged 289% since early 2024, and the US and UK have extended HFC usage timelines to 2032, supporting overseas pre-stocking orders.

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